DENVER, August 12, 2021 /CNW/ – Charlotte’s Web Holdings, Inc. (TSX: CWEB) (OTCQX: CWBHF), the market share leader in total Latest Business News spectrum hemp extract health products, today published financial results for the second quarter ended June 30, 2021. Specific measurements, mainly those reported on an adjusted basis, are not compliant with IFRS.

Q2-2021 financial highlights 

  • Revenue climbed 11.4 percent to $24.2 million in Q2-2020 from $21.7 million.
  • DTC’s e-Commerce revenue climbed 1.0 percent to $15.7M, accounting for 64.9 percent of Q2 revenue and maintaining the pandemic online shopping rise.
  • Revenue from business-to-business transactions climbed 37.7 percent year on year.
  • Gross profit climbed to $15.8 million, or 65.5 percent of total revenue. Operating expenses decreased by 15.2 percent year over year.
  • Adjusted EBITDA of ($3.9 million), a decrease from the previous year ($5.7 million) and the last quarter ($4.7 million)
  • On June 30, 2021, the Company had $27.1 million in cash (plus $10.9 million in pending IRS tax receivable) and $90.1 million in working capital.
  • JPMorgan has a $10 million unused line of credit that might be extended to $20 million.

Business Highlights 

  • Increased market share in core retail channels such as total US Food/Drug/Mass retail (“F/D/M”) and US natural specialty retail (“N/S/R”).
  • A purchase option agreement to acquire Stanley Brothers’ cannabis business secured future flexibility to enter the US cannabis business news wellness industry following federal cannabis legalization in the United States.
  • CW Labs established a scientific collaboration with Harvard Medical School’s Dr. Staci Gruber, Ph.D., to investigate hemp CBD efficacy.
  • Invested $1.6 million in CAPEX, essentially to complete phase III expansion of new 137,000-square-foot facility with extraction infrastructure and R&D development.
  • Supported federal and state legislative initiatives to aid in developing a comprehensive regulatory framework, including Federal Bill H.R. 841 and proposed rules in California and New York.
  • As a former Molson Coors executive, Wes Booysen has been named Chief Financial Officer, providing international operating, finance, and regulatory experience.
  • Tim Saunders, former CFO of Canopy Growth, has been appointed to the board of directors, bringing governance and financial knowledge to the Canadian cannabis and hemp sectors.

The ongoing economic recovery from the pandemic that began in Q1 accelerated in the second quarter, resulting in a 38 percent increase in retail revenue as many consumers switched from online purchasing to brick and mortar retail. This was notably visible in our largest and most established medical and healthcare practitioner channels,” said Deanie Elsner, CEO of Charlotte’s Web.

Internationally, we have planted our first hemp crop in Canada and expect to begin selling products in early 2022.”

Q2-2021 Financial Review 

Consolidated business-to-business (“B2B”) revenue climbed 37.7 percent year over year, reflecting people returning to brick-and-mortar retail buying when the economy reopened following pandemic lockdowns. Similarly, B2B healthcare practitioners (“HCP”) and medical channels saw increased activity and income, aided further by the Company’s acquisition of Abacus Health in June 2020.

Direct-to-consumer (“DTC”) eCommerce net sales increased by 1.0 percent year over year, indicating a return to retail buying by some business news consumers. New memberships climbed by 43% year on year, while conversion rates increased by 27%. In the second quarter of 2021, DTC accounted for 64.9 percent of total revenue, compared to 71.6 percent in the same time in 2020.


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